On September 15, 2018, A.D. Wholesale, Inc. purchased $4,200 of inventory on account from one of its
Question:
On September 15, 2018, A.D. Wholesale, Inc. purchased $4,200 of inventory on account from one of its suppliers. The terms were 1/15, n/30, FOB shipping point. On September 17, A.D. Wholesale, Inc., paid freight charges of $150 related to the delivery of the goods purchased on September 15. Upon receiving the goods, A.D. Wholesale, Inc. checked the order and found $800 of unsuitable merchandise, which was returned to the supplier on September 21. Then, on September 29, A.D. Wholesale, Inc., paid the invoice.
Requirement
Journalize all necessary transactions for A.D. Wholesale, Inc., assuming the “net” method is used. No explanations are required.
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Journal DATE ACCOUNTS POST REF Dr Cr Sep 15 ...View the full answer
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